§ 27-8-3-2 — Corporate powers

A corporation, association, or society, organized
under the provisions of this chapter, shall, by the name adopted by such
corporation, association, or society, in law, be capable of suing and
being sued, and may have power to make and enforce contracts in
relation to the business of such corporation, association, or society, may
have and use a common seal and may change or alter the same at
pleasure, and, in the name of the corporation, association, or society,
or by a trustee chosen by their board of directors, shall, in law, be
capable of taking, purchasing, holding, and disposing of real and
personal property for the purposes of their organization, may by their
board of directors, trustees or managers, make bylaws not inconsistent
with the constitution and laws of this state or of the United States,
which bylaws shall define the manner of electing directors, trustees, or
managers, or officers of such corporation, association, or society, and
the qualifications and duties of the same, with terms of office not
exceeding three (3) years, also the qualifications and privileges of the
members thereof.
Formerly: Acts 1897, c.195, s.2. As amended by P.L.252-1985,
SEC.276.